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The U.S. Commerce Department released the producer price index figures on Wednesday. The U.S. producer price index increased 0.4% in June, exceeding expectations for a 0.2% gain, after a 0.5% rise in May.
On a yearly basis, the producer price index decreased 0.7% in June, beating forecasts of a 0.9% decline, after a 1.1% fall in May.
The rise was driven by higher food and gasoline prices. Gasoline prices jumped 4.3% in June. Food prices climbed by 0.6%, driven by a shortage of eggs, and as wholesale egg prices soared a 84.5% in June.
The producer price index excluding food and energy climbed 0.3% in June, exceeding expectations for a 0.1% gain, after a 0.1% increase in May.
On a yearly basis, the producer price index excluding food and energy climbed 0.8% in June, beating forecasts of a 0.7% increase, after a 0.6% rise in May.
The figures added to speculation on that the Fed will start raising its interest rate this year.
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